The Real Deal New York

Vantage and Apollo buy Upper Manhattan portfolio

April 23, 2008 11:50AM
By Adam Pincus

Vantage Properties and Apollo Real Estate Advisors purchased a 10-building portfolio of rent-regulated buildings in Washington Heights and Inwood for $57.5 million from Chatam Realty Management.

Although the deal was made public last week, the sales were closed in October. The 471 apartments sold for an average of $122,000 each, or $142 per square foot, in the five-and six-story buildings located near the Cloisters and Columbia Presbyterian Medical Center, brokers for the deal said.

The purchase went into contract in July 2007 and closed October 18, 2007. It was brokered by Luca Capin and Associates.

Capin broker Timour Shafran said it was one of the first major purchases in Upper Manhattan east of Broadway and in Inwood by a large real estate investment fund.

“These funds are starting to pay close attention to areas around Yeshiva University and Inwood and show a willingness to shy away from elevator buildings and buy walk ups,” Shafran said. Most of the buildings do not have elevators, he said.

The buildings are located at 38-48 Sickles Street, 9-23 Thayer Street, 90 Ellwood Street, 961 St. Nicholas Avenue, 552 & 556 West 188th Street, 566 West 190th Street, 570 West 190th Street, 72 Vermilyea Avenue and 248 Sherman Avenue.

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